CA – FINAL – PAPER 3
ADVANCED AUDITING AND PROFESSIONAL ETHICS CA PAWAN ROHRA
EXAM TIPS AND MNEMONICS
CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
INTRODUCTION: !"e#e a#e ma$y %&'de$&% i$ o'# #a&e#$i&y ("o i$d &"i% %'b)ec& diic'l& a$d &"e#e i% al(ay% a &"o'g"& i$ o$e*% mi$d &"a& &"ey do$*& ge& good ma#k% i$ %'b)ec& like A'di&i$g &"o'g" &"ey "a+e good ,#ac&ical ex,e#ie$ce. F#om my o,i$io$- &"eo#y %'b)ec& i% ba%ed o$ "o( yo' ,#e%e$& yo'#%el i$ yo'# a$%(e#% mo%& im,o#&a$& i% yo'# comma$d o+e# E$gli%" la$g'age. /o (i&" my %mall eo#& &o "el, %&'de$&% i$ &"e %'b)ec& o a'di&i$g- I "a+e &#ied &o com,ile %ome m$emo$ic% i$ &(o im,o#&a$& &o,ic% o a'di&i$g i.e. Com,a$ie% 0A'di&o#1% Re,o#&2 O#de#- 443 a$d /c"ed'le% o P#oe%%io$al E&"ic% a% ,e# C"a#&e#ed Acco'$&a$&% Ac&- 5676. !"i% doc'me$& (ill "el, yo' &o memo#i8e &"e%e cla'%e% a$d (ill %'#ely e&c" yo' good ma#k% beca'%e yo' (ill be able &o 9'o&e cla'%e% i$ yo'# a$%(e#% ("e#e+e# ,o%%ible a$d exami$e# (ill al%o be im,#e%%ed i yo' 9'o&e co##ec& cla'%e%.
A. Mnemon!" – T#e Com$%ne" &A'()o*+" Re$o*), O*(e*- //3
T#" " #o0 ) " $*e$%*e( 1 !2%'"e" o CARO %*e (4(e( n )0o $%*)": 5%& Pa#& – Cla'%e i &o x $d Pa#& – Cla'%e xi &o xxi Fi#%&ly- &"e#e i% /'mma#y o all &"e ,oi$&% o# a%& #ee#e$ce a$d &"e$ &"e#e i% de&ailed cla'%e% o com,le&e CARO*% 5 Cla'%e%
Ho0 )o 2e%*n )#" – Fo* e5%m$2e – Cla'%e i i% #ela&ed &o Fixed A%%e& %o m$emo$ic &o i& (ill be Fa%"io$
!"e%e $emo$ic% (ill "el, yo' &o #emembe# &"e "eadi$g a$d $o& &"e ("ole cla'%e. A% #ecollec&i$g &"e "eadi$g i$ exam (ill e$able yo' &o (#i&e %ome&"i$g abo'& &"a& cla'%e. I$i&ial% o eac" cla'%e i% '%ed &o #ame o$e %&a&eme$&%- %o &"e#e a#e &(o %&a&eme$&% ("ic" co+e# all 5 cla'%e% o CARO –
S)%)emen) 1 – Fa%"io$ I$ Lo$do$ I% !e##ible ;'e &o I&alia$ Clo&"e% /old i$ Lo$do$. S)%)emen) – Ra$c"o Lo+e% Collec&i$g Pic&'#e%-
Page 1 o 16
CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
F%") Ree*en!e )o CARO" C2%'"e" PART 1 C2%'"e No.
i. ii. iii. i+. +. +i. +ii. +iii. ix. x.
C2%'"e
Fixed A%%e&% I$+e$&o#y Loa$% = Ad+a$ce% I$&e#$al Co$&#ol /y%&em !#a$%ac&io$ (i&" Pa#&ie% Ree##ed I$ /ec&io$ 345 o Com,a$ie% Ac& ;e,o%i& o P'blic I$&e#$al A'di& Co%& Reco#d% /&a&'&o#y ;'e% Lo%%e% Acc'm'la&ed
Mnemon!
FA/HION IN LON;ON I/ !ERRI>LE ;?E !O I!ALIAN CLO!HE/ /OL; IN LON;ON
PART C2%'"e No.
xi. xii. xiii. xi+. x+. x+i. x+ii. x+iii. xix. xx. xxi.
C2%'"e
Re,ayme$& o ;'e% Loa$% = Ad+a$ce% agai$%& /ec'#i&y O Pledge O /"a#e%- ;ebe$&'#e% C"i& F'$d P#o,e# Reco#d% o !#adi$g I$ /"a#e% <'a#a$&ee o Loa$% E$d ?%e o F'$d% A,,lica&io$ o /"o#& !e#m Loa$% &o Lo$g !e#m% P#ee#e$&ial Allo&me$&% /ec'#i&y E$d ?%e o o$ey Rai%ed F#om P'blic F#a'd
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Mnemon!
RANCHO LOE/ COLLEC!IN< PIC!?RE/
CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
In)*o('!)on )o CARO P*o4"on" n (e)%2:
P?>LI/HE; IN !HE /EC!ION 0I2 > !HE INI/!R OF FINANCE 0;EPAR!EN! OF COPAN AFFAIR/2 ON 5!H ?NE- 443 0a$d a% ame$ded by No&iica&io$ No.
a >a$ki$g com,a$y a% dei$ed i$ cla'%e 0c2 o %ec&io$ o &"e >a$ki$g Reg'la&io$ Ac&- 5676 054 o 56762 a$ i$%'#a$ce com,a$y a% dei$ed i$ cla'%e 052 o %ec&io$ o &"e Ac& a com,a$y lice$%ed &o o,e#a&e '$de# %ec&io$ o &"e Ac& a$d a ,#i+a&e limi&ed com,a$y (i&" a ,aid', ca,i&al a$d #e%e#+e% $o& mo#e &"a$ i&y lak" #',ee% a$d doe% $o& "a+e loa$ o'&%&a$di$g exceedi$g R',ee% !(e$&y Fi+e lak"% #om a$y ba$k o# i$a$cial i$%&i&'&io$ a$d doe% $o& "a+e a &'#$o+e# exceedi$g i+e c#o#e% #',ee% a& a$y ,oi$& o &ime d'#i$g &"e i$a$cial yea#
3. I& %"all come i$&o o#ce o$ &"e 5%& day o 'ly- 443. . Den)on" I$ &"i% O#de#- '$le%% &"e co$&ex& o&"e#(i%e #e9'i#e%: a. MAc&M mea$% &"e Com,a$ie% Ac&- 56 05 o 562 b. Mc"i& '$d com,a$yM- M$id"i com,a$yM o# Mm'&'al be$ei& com,a$yM mea$% a com,a$y e$gaged i$ &"e b'%i$e%% o ma$agi$g- co$d'c&i$g o# %',e#+i%i$g a% a o#ema$ o# age$& o a$y &#a$%ac&io$ o# a##a$geme$& by ("ic" i& e$&e#% i$&o a$ ag#eeme$& (i&" a $'mbe# o %'b%c#ibe#% &"a& e+e#y o$e o &"em %"all %'b%c#ibe &o a ce#&ai$ %'m o i$%&allme$&% o# a dei$i&e ,e#iod a$d &"a& eac" %'b%c#ibe#- i$ "i% &'#$- a% de&e#mi$ed by lo& o# by a'c&io$ o# by &e$de# o# i$ %'c" o&"e# ma$$e# a% may be ,#o+ided o# i$ &"e ag#eeme$&%"all be e$&i&led &o a ,#i8e amo'$&- a$d i$cl'de% com,a$ie% ("o%e ,#i$ci,al b'%i$e%% i% acce,&i$g ixed de,o%i&% #om- a$d le$di$g mo$ey &o membe#%.
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CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
3. A'()o*" *e$o*) )o !on)%n m%))e*" "$e!e( n $%*%8*%$#" 7 %n( 9 E+e#y #e,o#& made by &"e a'di&o# '$de# %ec&io$ G o Ac&- o$ &"e acco'$&% o e+e#y com,a$y exami$ed by "im &o ("ic" &"i% O#de# a,,lie% o# e+e#y i$a$cial yea# e$di$g o$ a$y day o$ o# a&e# &"e comme$ceme$& o &"i% O#de#- %"all co$&ai$ &"e ma&&e#% %,eciied i$ ,a#ag#a,"% 7 a$d .
7. A'()o*" *e$o*) )o !on)%n m%))e*" "$e!e( n $%*%8*%$#" 7 %n( 9 !"e a'di&o#*% #e,o#& o$ &"e acco'$& o a com,a$y &o ("ic" &"i% O#de# a,,lie% %"all i$cl'de a %&a&eme$& o$ &"e ollo(i$g ma&&e#%- $amely:D
PART 1 C2%'"e No. i.
C2%'"e F5e( A""e)" 0a2 ("e&"e# &"e com,a$y i% mai$&ai$i$g ,#o,e# #eco#d% %"o(i$g 'll ,a#&ic'la#%- i$cl'di$g 9'a$&i&a&i+e de&ail% a$d %i&'a&io$ o ixed a%%e&% 0b2 ("e&"e# &"e%e ixed a%%e&% "a+e bee$ ,"y%ically +e#iied by &"e ma$ageme$& a& #ea%o$able i$&e#+al% ("e&"e# a$y ma&e#ial di%c#e,a$cie% (e#e $o&iced o$ %'c" +e#iica&io$ a$d i %o- ("e&"e# &"e %ame "a+e bee$ ,#o,e#ly deal& (i&" i$ &"e book% o acco'$& &!, i a %'b%&a$&ial ,a#& o ixed a%%e&% "a+e bee$ di%,o%ed o d'#i$g &"e yea#- ("e&"e# i& "a% aec&ed &"e goi$g co$ce#$
ii.
FASHION
In4en)o*e" 0a2 ("e&"e# ,"y%ical +e#iica&io$ o i$+e$&o#y "a% bee$ co$d'c&ed a& #ea%o$able i$&e#+al% by &"e ma$ageme$& 0b2 a#e &"e ,#oced'#e% o ,"y%ical +e#iica&io$ o i$+e$&o#y ollo(ed by &"e ma$ageme$& #ea%o$able a$d ade9'a&e i$ #ela&io$ &o &"e %i8e o &"e com,a$y a$d &"e $a&'#e o i&% b'%i$e%%. I $o&- &"e i$ade9'acie% i$ %'c" ,#oced'#e% %"o'ld be #e,o#&ed 0c2 ("e&"e# &"e com,a$y i% mai$&ai$i$g ,#o,e# #eco#d% o i$+e$&o#y a$d ("e&"e# a$y ma&e#ial di%c#e,a$cie% (e#e $o&iced o$ ,"y%ical +e#iica&io$ a$d i %o("e&"e# &"e %ame "a+e bee$ ,#o,e#ly deal& (i&" i$ &"e book% o acco'$&
iii.
Mnemon!
IN
Lo%n" )o Com$%ne"- F*m" o* O)#e* P%*)e" 0a2 "a% &"e com,a$y g#a$&ed a$y loa$%- %ec'#ed o# '$%ec'#ed &o com,a$ie%- i#m% o# o&"e# ,a#&ie% co+e#ed i$ &"e #egi%&e# mai$&ai$ed '$de# %ec&io$ 345 o &"e Ac&. I %o- gi+e &"e $'mbe# o ,a#&ie% a$d amo'$& i$+ol+ed i$ &"e &#a$%ac&io$% 0b2 ("e&"e# &"e #a&e o i$&e#e%& a$d o&"e# &e#m% a$d co$di&io$% o loa$% gi+e$ by &"e com,a$y- %ec'#ed o# '$%ec'#ed- a#e ,#ima acie ,#e)'dicial &o &"e i$&e#e%& o &"e com,a$y Page 7 o 16
LONDON
CA FINAL – PAPER 3
i+.
+.
+i.
+ii.
CA PAWAN ROHRA Email: examdaybook@gmail.com
0c2 ("e&"e# #ecei,& o &"e ,#i$ci,al amo'$& a$d i$&e#e%& a#e al%o #eg'la# a$d 0d2 i o+e#d'e amo'$& i% mo#e &"a$ #',ee% o$e lak"("e&"e# #ea%o$able %&e,% "a+e bee$ &ake$ by &"e com,a$y o# #eco+e#y,ayme$& o &"e ,#i$ci,al a$d i$&e#e%& 0e2 "a% &"e com,a$y &ake$ a$y loa$%- %ec'#ed o# '$%ec'#ed #om com,a$ie%- i#m% o# o&"e# ,a#&ie% co+e#ed i$ &"e #egi%&e# mai$&ai$ed '$de# %ec&io$ 345 o &"e Ac&. I %o- gi+e &"e $'mbe# o ,a#&ie% a$d amo'$& i$+ol+ed i$ &"e &#a$%ac&io$% a$d 02 ("e&"e# &"e #a&e o i$&e#e%& a$d o&"e# &e#m% a$d co$di&io$% o loa$% &ake$ by &"e com,a$y- %ec'#ed o# '$%ec'#ed- a#e ,#ima acie ,#e)'dicial &o &"e i$&e#e%& o &"e com,a$y 0g2 ("e&"e# ,ayme$& o &"e ,#i$ci,al amo'$& a$d i$&e#e%& a#e al%o #eg'la# a$d In)e*n%2 Con)*o2 S")em i% &"e#e a$ ade9'a&e i$&e#$al co$&#ol %y%&em comme$%'#a&e (i&" &"e %i8e o &"e com,a$y a$d &"e $a&'#e o i&% b'%i$e%%- o# &"e ,'#c"a%e o i$+e$&o#y a$d ixed a%%e&% a$d o# &"e %ale o good% a$d %e#+ice%. W"e&"e# &"e#e i% a co$&i$'i$g ail'#e &o co##ec& ma)o# (eak$e%%e% i$ i$&e#$al co$&#ol %y%&em T*%n"%!)on 0)# P%*)e" Ree**e( )o n Se!)on 3/1 0a2 ("e&"e# ,a#&ic'la#% o co$&#ac&% o# a##a$geme$&% #ee##ed &o i$ %ec&io$ 345 o &"e Ac& "a+e bee$ e$&e#ed i$ &"e #egi%&e# #e9'i#ed &o be mai$&ai$ed '$de# &"a& %ec&io$ a$d 0b2 ("e&"e# &#a$%ac&io$% made i$ ,'#%'a$ce o %'c" co$&#ac&% o# a##a$geme$&% "a+e bee$ made a& ,#ice% ("ic" a#e #ea%o$able "a+i$g #ega#d &o &"e ,#e+aili$g ma#ke& ,#ice% a& &"e #ele+a$& &ime 0!"i% i$o#ma&io$ i% #e9'i#ed o$ly i$ ca%e o &#a$%ac&io$% exceedi$g &"e +al'e o i+e lak" #',ee% i$ #e%,ec& o a$y ,a#&y a$d i$ a$y o$e i$a$cial yea#2 De$o") o P'<2! i$ ca%e &"e com,a$y "a% acce,&ed de,o%i&% #om &"e ,'blic- ("e&"e# &"e di#ec&i+e% i%%'ed by &"e Re%e#+e >a$k o I$dia a$d &"e ,#o+i%io$% o %ec&io$% JA- JAA o# a$y #ele+a$& ,#o+i%io$% o &"e Ac& a$d &"e #'le% #amed &"e#e'$de#- ("e#e a,,licable- "a+e bee$ com,lied (i&". I $o&- &"e $a&'#e o co$&#a+e$&io$% %"o'ld be %&a&ed I a$ o#de# "a% bee$ ,a%%ed by Com,a$y La( >oa#d o# Na&io$al Com,a$y La( !#ib'$al o# Re%e#+e >a$k o I$dia o# a$y Co'#& o# a$y o&"e# !#ib'$al- ("e&"e# &"e %ame "a% bee$ com,lied (i&" o# $o& In)e*n%2 A'() S")em i$ &"e ca%e o li%&ed com,a$ie% a$do# o&"e# com,a$ie% "a+i$g a ,aid', ca,i&al a$d #e%e#+e% exceedi$g R%. 4 lak"% a% a& &"e comme$ceme$& o &"e i$a$cial yea# co$ce#$ed- o# "a+i$g a$ a+e#age a$$'al &'#$o+e# exceedi$g i+e c#o#e% #',ee% o# a ,e#iod o &"#ee Page 9 o 16
IS
TERRI;LE
DUE TO
ITALIAN
CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
co$%ec'&i+e i$a$cial yea#% immedia&ely ,#ecedi$g &"e i$a$cial yea# co$ce#$ed- ("e&"e# &"e com,a$y "a% a$ i$&e#$al a'di& %y%&em comme$%'#a&e (i&" i&% %i8e a$d $a&'#e o i&% b'%i$e%% +iii.
ix.
x.
Co") Re!o*(" ("e#e mai$&e$a$ce o co%& #eco#d% "a% bee$ ,#e%c#ibed by &"e Ce$&#al
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CLOTHES
SOLD IN
LONDON
CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
PART C2%'"e No. xi.
xii.
xiii.
xi+.
x+.
C2%'"e Re$%men) o D'e" ("e&"e# &"e com,a$y "a% dea'l&ed i$ #e,ayme$& o d'e% &o a i$a$cial i$%&i&'&io$ o# ba$k o# debe$&'#e "olde#% I ye%&"e ,e#iod a$d amo'$& o dea'l& &o be #e,o#&ed Lo%n" > A(4%n!e" %8%n") P2e(8e O S#%*e"- e)! ("e&"e# ade9'a&e doc'me$&% a$d #eco#d% a#e mai$&ai$ed i$ ca%e% ("e#e &"e com,a$y "a% g#a$&ed loa$% a$d ad+a$ce% o$ &"e ba%i% o %ec'#i&y by (ay o ,ledge o %"a#e%- debe$&'#e% a$d o&"e# %ec'#i&ie% I $o&- &"e deicie$cie% &o be ,oi$&ed o'& C#) F'n(?N(#?M')'%2 ;ene) F'n(?So!e)e" ("e&"e# &"e ,#o+i%io$% o a$y %,ecial %&a&'&e a,,licable &o c"i& '$d "a+e bee$ d'ly com,lied (i&" I$ #e%,ec& o $id"im'&'al be$ei& '$d%ocie&ie% a. ("e&"e# &"e $e&o($ed '$d% &o de,o%i& liabili&y #a&io i% mo#e &"a$ 5:4 a% o$ &"e da&e o bala$ce %"ee& b. ("e&"e# &"e com,a$y "a% com,lied (i&" &"e ,#'de$&ial $o#m% o$ i$come #ecog$i&io$ a$d ,#o+i%io$i$g agai$%& %'b%&a$da#d do'b&'l lo%% a%%e&% c. ("e&"e# &"e com,a$y "a% ade9'a&e ,#oced'#e% o# a,,#ai%al o c#edi& ,#o,o%al%#e9'e%&%- a%%e%%me$& o c#edi& $eed% a$d #e,ayme$& ca,aci&y o &"e bo##o(e#% ("e&"e# &"e #e,ayme$& %c"ed'le o +a#io'% loa$% d. g#a$&ed by &"e $id"i i% ba%ed o$ &"e #e,ayme$& ca,aci&y o &"e bo##o(e# P*o$e* Re!o*(" o T*%(n8 In S#%*e"- Se!'*)e"- De
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Mnemon!
RANCHO
LOVES
COLLECTING
PICTURES
GETTING
CA FINAL – PAPER 3
x+i.
x+ii.
x+iii.
xix.
xx.
xxi.
CA PAWAN ROHRA Email: examdaybook@gmail.com
En( '"e o Lo%n ("e&"e# &e#m loa$% (e#e a,,lied o# &"e ,'#,o%e o# ("ic" &"e loa$% (e#e ob&ai$ed A$$2!%)on o S#o*) )e*m o%n" )o Lon8 )e*m Lo%n" ("e&"e# &"e '$d% #ai%ed o$ %"o#&&e#m ba%i% "a+e bee$ '%ed o# lo$g&e#m i$+e%&me$& I ye%- &"e $a&'#e a$d amo'$& i% &o be i$dica&ed P*ee*en)%2 A22o)men) O S#%*e" ("e&"e# &"e com,a$y "a% made a$y ,#ee#e$&ial allo&me$& o %"a#e% &o ,a#&ie% a$d com,a$ie% co+e#ed i$ &"e Regi%&e# mai$&ai$ed '$de# %ec&io$ 345 o &"e Ac& a$d i %o ("e&"e# &"e ,#ice a& ("ic" %"a#e% "a+e bee$ i%%'ed i% ,#e)'dicial &o &"e i$&e#e%& o &"e com,a$y Se!'*) O* C#%*8e" ("e&"e# %ec'#i&y o# c"a#ge% "a% bee$ c#ea&ed i$ #e%,ec& o debe$&'#e% i%%'ed En( U"e O Mone R%"e( *om P'<2! ("e&"e# &"e ma$ageme$& "a% di%clo%ed o$ &"e e$d '%e o mo$ey #ai%ed by ,'blic i%%'e% a$d &"e %ame "a% bee$ +e#iied F*%'( ("e&"e# a$y #a'd o$ o# by &"e com,a$y "a% bee$ $o&iced o# #e,o#&ed d'#i$g &"e yea# I ye%- &"e $a&'#e a$d &"e amo'$& i$+ol+ed i% &o be i$dica&ed.
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EVERBONES
APPRECIATION
PUTTING
SMILE ON
EVERBONES
FACE
CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
;. Mnemon!" – S!#e('2e" )o P*oe""on%2 E)#!" 'n(e* )#e C#%*)e*e( A!!o'n)%n)" A!)- 17 P#oe%%io$al E&"ic% "a% a (eig"& age o 16 M%*@" i$ o Pa,e# – 3. !"i% 9'e%&io$ gi+e% yo' a good c"a$ce &o %ec'#e ma#k% &"a&*% ("y yo' %"o'ld im,#e%% yo'# exami$e# (i&" yo'# a$%(e#%. Fo# Im,#e%%i$g exami$e# &"#o'g" yo'# a$%(e#- yo' %"o'ld (#i&e %mall i$&#od'c&io$ abo'& P#oe%%io$al E&"ic% i$ yo'# i#%& a$%(e# &o .
In)*o('!)on: “The hallmark of noble professional is a strict adherence by its members to a common code of conduct. In India, the ICAI is a premier body which regulates the conduct of its members. A Chartered Accountant being a member of a learned profession should not conduct himself in a manner which is unbecoming the member of institute, therefore all his actions, in a professional capacity should be within the four corners of the Chartered Accountants Act, 199.!
OVERVIEW OF SCHEDULES OF CHARTERED ACCOUNTANTS ACT- 17 COVERING PROFESSIONAL MISCONDUCT S!#e('2e Fi#%&
P%*) I II III I
T)2e P#oe%%io$al i%co$d'c& i$ #ela&io$ &o membe#% i$ P#ac&ice P#oe%%io$al i%co$d'c& i$ #ela&io$ &o membe#% i$ /e#+ice P#oe%%io$al i%co$d'c& i$ #ela&io$ &o membe#% ge$e#ally O&"e# i%co$d'c& i$ #ela&io$ &o membe#% ge$e#ally
/ECON;
I II III
P#oe%%io$al i%co$d'c& i$ #ela&io$ &o membe#% i$ P#ac&ice P#oe%%io$al i%co$d'c& i$ #ela&io$ &o membe#% ge$e#ally O&"e# i%co$d'c& i$ #ela&io$ &o membe#% ge$e#ally
$emo$ic% a#e gi+e$ o$ly o# PART I o F*") S!#e('2e a$d PART I o Se!on( S!#e('2e a% &"e%e &(o co+e#% ma)o#i&y o Cla'%e% i.e. 5 a$d 54 #e%,ec&i+ely.
A% I %aid i$ my i$i&ial i$&#od'c&io$- (#i&i$g cla'%e% i$ yo'# a$%(e#% (ill %'#ely e&c" yo' good ma#k%. /o yo' a#e #e9'i#ed &o be &"o#o'g" i$ PART I o F*") S!#e('2e a$d PART I o Se!on( S!#e('2e- &"i% ca$ be do$e ea%ily by '%i$g $emo$ic% gi+e$ i$ belo( &able%.
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CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
PART I TO FIRST SCHEDULE: PROFESSIONAL MISCONDUCT IN RELATION TO MEM;ERS IN PRACTICE
C2%'"e No. 5.
C2%'"e Allo(% a$y ,e#%o$ &o ,#ac&ice i$ "i% $%me a% a C.A. '$le%% %'c" ,e#%o$ i% al%o a C.A. i$ ,#ac&ice a$d i% i$ ,a#&$e#%"i, (i&" o# em,loyed by "im%el. Pay% allo(% ag#ee% &o ,ay o# allo(- di#ec&ly o# i$di#ec&ly- a$y "#%*e- commi%%io$ o# b#oke#age i$ ee% o# ,#oi&% o "i% ,#oe%%io$al b'%i$e%% &o a$y ,e#%o$ o&"e# &"a$ a membe#- o# ,a#&$e#- o# #e&i#ed ,a#&$e#- o# legal #e,#e%e$&a&i+e o decea%ed ,a#&$e#- o# membe# o a$y o&"e# ,#oe%%io$al bodie%- o# (i&" %'c" o&"e# ,e#%o$% "a+i$g ,#e%c#ibed 9'aliica&io$%. A!!e$)" ? A8*ee" &o acce,& a$y ,a#& o &"e ,#oi&% o &"e ,#oe%%io$al (o#k o a ,e#%o$ ("o i% $o& a membe# o &"e I$%&i&'&e. Ho(e+e#- %'c" a #e%&#ic&io$ doe% $o& a,,ly i$ #e%,ec& o ollo(i$g ,e#%o$%: membe# o a$y o&"e# ,#oe%%io$al bodie%- o# (i&" %'c" o&"e# ,e#%o$% "a+i$g ,#e%c#ibed 9'aliica&io$%. E$&e#% i$&o $%*)ne*"#$ (i&" a$y ,e#%o$ o&"e# &"a$ &"e ollo(i$g: C.A. i$ ,#ac&ice- o# embe# o a$y o&"e# ,#oe%%io$al body "a+i$g ,#e%c#ibed 9'aliica&io$%- o# a ,e#%o$ #e%ide$& (i&"o'& I$dia ("o b'& o# "i% #e%ide$ce ab#oad (o'ld be e$&i&led &o be #egi%&e#ed '% 70i20+2- o# a ,e#%o$ ("o%e 9'aliica&io$% a#e #ecog$i8ed by Ce$&#al
Mnemon!
NITIN
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SAMEER
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CA FINAL – PAPER 3
J.
6.
54.
55.
5.
CA PAWAN ROHRA Email: examdaybook@gmail.com
Ho(e+e#- a$ #ecog$i8ed deg#ee o '$i+e#%i&y o# &i&le i$dica&i$g membe#%"i, o ICAI o# o&"e# #ecog$i8ed i$%&i&'&io$ may be '%ed. Acce,& a ,o%i&io$ a% A'di&o# ,#e+io'%ly "eld by a$o&"e# c"a#&e#ed acco'$&a$& o# ce#&iied a'di&o# (i&"o'& i#%& !omm'n!%)n8 (i&" "im i$ (#i&i$g A!!e$)" %n %$$on)men) a% a'di&o# o a com,a$y (i&"o'& a%ce#&ai$i$g ("e&"e# #e9'i#eme$&% o /ec. 7 = o Com,a$ie% Ac&- 56- i$ #e%,ec& o %'c" a,,oi$&me$& "a+e bee$ d'ly com,lied (i&". C"a#ge% o# oe#% &o c"a#ge- acce,&% o# oe#% &o acce,& i$ #e%,ec& o a$y ,#oe%%io$al em,loyme$&- ee ("ic" i% ba%ed o$ a Pe*!en)%8e o $*o)" o# ("ic" a#e co$&i$ge$& ',o$ i$di$g% o# #e%'l&% o %'c" em,loyme$&exce,& a% ,e#mi&&ed '$de# #eg'la&io$%. En8%8e i$ a$y >'%i$e%% o# occ',a&io$ o&"e# &"a$ ,#oe%%io$ o C.A. '$le%% ,e#mi&&ed by co'$cil %o &o e$gage. Ho(e+e#- a membe# may become di#ec&o# 0$o& bei$g .;. o# W!;2 i$ a com,a$y ,#o+ided "e o# a$y o "i% ,a#&$e# i% $o& i$&e#e%&ed i$ %'c" com,a$y a% a$ a'di&o#. Allo(% a ,e#%o$ $o& bei$g a membe# o ICAI i$ ,#ac&ice o# a membe# $o& bei$g "i% ,a#&$e# &o "8n o$ "i% be"al o# o$ be"al o "i% i#m- a$y >ala$ce /"ee&- P=L Ac. Re,o#& o# Fi$a$cial /&a&eme$&%
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PART I TO SECOND SCHEDULE: PROFESSIONAL MISCONDUCT IN RELATION TO MEM;ERS IN PRACTICE
C2%'"e No. 5.
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3.
C2%'"e D"!2o"e" &"e i$o#ma&io$ ac9'i#ed i$ &"e co'#%e o "i% ,#oe%%io$al e$gageme$& &o a$y ,e#%o$ o&"e# &"a$ "i% clie$& %o e$gagi$g "im (i&"o'& &"e co$%e$& o "i% clie$& o# o&"e#(i%e &"a$ a% #e9'i#ed by a$y la(. Ce*)e" o# %'bmi&% i$ "i% $ame o# i$ &"e $ame o "i% i#m a #e,o#& o a$ exami$a&io$ o i$a$cial %&a&eme$&% '$le%% &"e exami$a&io$ o %'c" %&a&eme$&% a$d &"e #ela&ed #eco#d% "a% bee$ made by "im o# by a ,a#&$e# o# a$ em,loyee i$ "i% i#m o# by a$o&"e# CA i$ ,#ac&ice. Pe#mi&% "i% $ame o# &"e $ame o "i% i#m &o be '%ed i$ co$$ec&io$ (i&" a$ e%&ima&e o ea#$i$g% co$&i$ge$& ',o$ ')'*e )*%n"%!)on" i$ ma$$e# ("ic" may lead &o &"e belie &"a& "e +o'c"e% o# &"e acc'#acy o &"e o#eca%&. Page 11 o 16
Mnemon!
DONT
CHEAT
FRIENDS
CA FINAL – PAPER 3
7.
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. G.
J.
6.
54.
CA PAWAN ROHRA Email: examdaybook@gmail.com
Ex,#e%%e% "i% o,i$io$ o$ i$a$cial %&a&eme$&% o a$y b'%i$e%% o# e$&e#,#i%e i$ ("ic" "e o# a ,a#&$e# i$ "i% i#m "a% a %'b%&a$&ial n)e*e"). Fail% &o di%clo%e a m%)e*%2 %!) k$o($ &o "im ("ic" i% $o& di%clo%ed i$ a i$a$cial %&a&eme$&- b'& di%clo%'#e o ("ic" i% $ece%%a#y i$ maki$g %'c" i$a$cial %&a&eme$& $o& mi%leadi$g ("e#e "e i% co$ce#$ed (i&" &"a& i$a$cial %&a&eme$& i$ a ,#oe%%io$al ca,aci&y. Fail% &o #e,o#& a m%)e*%2 m"")%)emen) k$o($ &o "im &o a,,ea# i$ a i$a$cial %&a&eme$& (i&" ("ic" "e i% co$ce#$ed i$ a ,#oe%%io$al ca,aci&y. ;oe% $o& exe#ci%e d'e dilige$ce- o# i% 8*o""2 ne828en) i$ &"e co$d'c& o "i% ,#oe%%io$al d'&ie%. Fail% &o ob&ai$ %'icie$& no*m%)on ("ic" i% $ece%%a#y o# ex,#e%%io$ o a$ o,i$io$ o# i&% exce,&io$% a#e %'icie$&ly ma&e#ial &o $ega&e &"e ex,#e%%io$ o a$ o,i$io$. Fail% &o i$+i&e a&&e$&io$ &o a$y m%)e*%2 (e$%*)'*e #om &"e ge$e#ally acce,&ed ,#oced'#e o a'di& a,,licable &o &"e ci#c'm%&a$ce%. Fail% &o kee, mo$ey% o "i% clie$& o&"e# &"a$ ee% o# #em'$e#a&io$ o# mo$ey mea$& &o be ex,e$ded- i$ a %e,a#a&e <%n@n8 %!!o'n) o# &o '%e %'c" mo$ey% o# ,'#,o%e% o# ("ic" &"ey a#e i$&e$ded (i&"i$ a #ea%o$able &ime.
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CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
S'88e")on o* 0*)n8 %n"0e*" o P*oe""on%2 E)#!" •
Al(ay% ;i+ide yo'# a$%(e#% i$ &"#ee ,a#&%: In)*o('!)on – W#i&e yo'# cla'%e% i$ &"i% ,a#& o a$%(e# 0>o&" cla'%e $'mbe# o a$d ("a& cla'%e i% all abo'& i.e. yo' "a+e &o (#i&e com,le&e cla'%e a% gi+e$ i$ abo+e &able2 An%2"" – W#i&e yo'# a$aly%i% acco#di$g &o &"e 9'e%&io$ a%ked a$d &"e o cla'%e yo' (#o&e i$ i$&#od'c&io$ ,a#&. o Con!2'"on – W#i&e yo'# co$cl'%io$ ba%ed o$ yo'# a$aly%i% 0a+oid '%i$g QIF* i$ yo'# co$cl'%io$ i.e. yo'# a$%(e# %"o'ld be %&#aig"&2 ;e))e* 0% )o !on!2'(e o'* %n"0e* ("e$ a membe# a%ked i$ 9'e%&io$ i% o'$d g'il&y o "i% mi%co$d'c& (ill be &"a& yo' %"o'ld (#i&e &"e co$%e9'e$ce% "e%"e may ace. 0REFER EAPLE >ELOW2 DISCIPLINARY;IREC!ORA!E DIRECTORATE ;I/CIPLINAR UNDER SECTION 21
FIRST SCHEDULE
SECOND SCHEDULE OR BOTH SCHEDULES
BOARD OF DISCIPLINE U/S 21A
DISCIPLINARY COMMITTEE U/S 21B
If found guilt! it "#n R$%&i'#nd t($ '$')$&* • R$'o+$ n#'$ of t($ '$')$& • u%to , 'ont(* •
I'%o*$ fin$d u%to ` 5-44-444
If found guilt! it "#n R$%&i'#nd t($ '$')$&* • R$'o+$ n#'$ of t($ '$')$& • %$&'#n$nt o& fo& #n du&#tion •
I'%o*$ fin$ u%to ` 5,44-444
A$y membe# agg#ie+ed by o#de# o >oa#d o# ;i%ci,li$a#y commi&&ee ca$ ,#ee# a,,eal 0)#n / (%"
Page 13 o 16
CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
To 84e % !2e%* 'n(e*")%n(n8- I 0o'2( 2@e )o 84e o' one e5%m$2e: 'e")on: CA B ("o i% leadi$g I$come !ax P#ac&i&io$e# a$d co$%'l&a$& i$ 'mbai i% al%o &#adi$g i$ de#i+a&i+e%. An"0e* A% ,e# cla'%e 55 o Pa#& I o Fi#%& /c"ed'le o C"a#&e#ed Acco'$&a$& Ac&5676- a c"a#&e#ed acco'$&a$& i% deemed &o be g'il&y o ,#oe%%io$al mi%co$d'c& i "e En8%8e n %n ;'"ne"" o* o!!'$%)on o)#e* )#%n $*oe""on o C.A. 'n2e"" $e*m))e( < !o'n!2 "o )o en8%8e . Ho(e+e#- &"e co'$cil "a% g#a$&ed ge$e#al ,e#mi%%io$% &o be membe#% &o e$gage i$ ce#&ai$ %,eciic occ',a&io$. I$ #e%,ec& o all o&"e# occ',a&io$ %,eciic ,e#mi%%io$ o &"e i$%&i&'&e i% $ece%%a#y. I$ &"i% Ca%e CA B i% e$gaged i$ &"e occ',a&io$ o &#adi$g i$ de#i+a&i+e% ("ic" i% $o& co+e#ed '$de# &"e ge$e#al ,e#mi%%io$. He$ce %,eciic ,e#mi%%io$ o &"e i$%&i&'&e "a% &o be ob&ai$ed o&"e#(i%e "e (ill be deemed &o be g'il&y o ,#oe%%io$al mi%co$d'c& '$de# cla'%e 55 o Pa#& 5 o Fi#%& /c"ed'le o C"a#&e#ed Acco'$&a$& Ac&- 5676. F'#&"e#- CA B may "a+e &o ace co$%e9'e$ce% 'n(e* Se!)on 1A o C#%*)e*e( A!!o'n)%n)" A!)- 17 *om ;o%*( o D"!$2ne 'n(e* F*") S!#e('2e )#%) #e !%n
Im,o%e i$e ',&o `5-44-444
I$ ca%e mi%co$d'c& i% 'n(e* "e!on( "!#e('2e- yo' may (#i&e – ;i%ci,li$a#y commi&&ee
Re,#ima$d Hi% $ame ca$ be #emo+ed o# &"e ,e#iod ', &o ,e#ma$e$& o# o# a$y d'#a&io$
Im,o%e i$e ',&o `-44-444
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CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
C. SOME TIPS FOR AUDITING IN GENERAL 52 I&*% +e#y im,o#&a$& &"a& yo' %"o'ld com,le&e yo'# C"a,&e# $o. 5 #om P#ac&ice a$'al. !"i% c"a,&e# ca$ be &ake$ a% a #e,laceme$& o /&a$da#d o$ A'di&i$g 0/A2 a% &"i% co+e#% /A*% o$ g#ea&e# ex&e$&. A$d day beo#e exam- yo' %"o'ld go &"#o'g" o$ly &"i% c"a,&e# i$%&ead o goi$g o# 'llledged /A*%. !"i% (ill %a+e yo'# &ime o# o&"e# im,o#&a$& c"a,&e#%. 2 ;o #ee# Acco'$&i$g /&a$da#d 0A/2 beca'%e a'di&i$g ca$$o& be do$e (i&"o'& A/- bo&" ,#ac&ically a% (ell a% &"eo#e&ically. o' (ill %'#ely i$d 9'e%&io$% ba%ed o$ bo&" /&a$da#d% o$ A'di&i$g a$d Acco'$&i$g /&a$da#d i$ 5 o yo'# exam. /o /&a$da#d% o$ A'di&i$g a$d Acco'$&i$g /&a$da#d ,lay% a +i&al #ole i$ yo'# exam ,#e,a#a&io$. 32 I$ &"eo#y %'b)ec&- yo' %"o'ld al(ay% ,#e%e$& yo'# a$%(e#% i$ &"#ee ,a#&%. !"e (ay i& "a% bee$ ,#e%e$&ed o# ,#oe%%io$al e&"ic% i$ exam,le abo+e i.e. In)*o('!)on- An%2"" %n( Con!2'"on. W"ile co$cl'di$g yo'# a$%(e#% o com,a$y la(- yo' ca$ gi+e #ee#e$ce &o cla'%e% o ,#oe%%io$al e&"ic%- i a$y &"a& i&% i$&o yo'# a$%(e#%. 72 I yo' me$&io$ #ele+a$& %ec&io$ $'mbe#% o Com,a$ie% Ac& o# a$y o&"e# Ac& #ela&i$g &o yo'# a$%(e#- i& (ill %'#ely im,#e%% yo'# exami$e# a$d &"e#e a#e c"a$ce% &"a& yo'# (ill ge& ma#k% o# (#i&i$g %ec&io$ $'mbe#. 2
!#y &o co+e# ', Com$%n A'() ,#o,e#ly a% &"i% i% &"e %ame &o,ic i$ Pa,e# 3 a$d Pa,e# 7 a$d &"i% co+e#% a,,#ox 3 ma#k% i$ ,a,e# 3 a$d "a+e e9'al (eig"& age i$ ,a,e# 7 a% (ell. /o- i& (ill %a+e yo'# &ime i$ ,#e,a#a&io$ o Pa,e# 7.
2 o' ca$ al(ay% ex,ec& o$e 9'e%&io$ o$ Fi%cal La(- &o be %,eciic o$ Q!ax A'di& – a,,#ox a#k%
=, I)" e%" )o "e!'*e m%*@" n A'() < *ee**n8 e0 )o$!". We8#) %8e &%$$*o5,: ;%"e( on S)%n(%*(" on A'()n8 %n( A!!o'n)n8 S)%n(%*(" P*oe""on%2 E)#!" n Com$%n A'() To)%2
39 M%*@" 16 M%*@" 39 M%*@" 6 M%*@"
6 m%*@" o') o )o)%2 116 m%*@". T#" 022 "'*e2 m%@e ) e%" )o "e!'*e %) 2e%") 9/ m%*@" o* o' !%n "% )#%) "!o*n8 e5em$)on 022
Page 19 o 16
CA FINAL – PAPER 3
CA PAWAN ROHRA Email: examdaybook@gmail.com
, Ho0 )o ')2e 19 mn')e" %22o))e( )o 8o )#*o'8# 'e")on $%$e* Read yo'# 9'e%&io$ ,a,e# &"o#o'g"ly &o '$de#%&a$d ("ic" 9'e%&io$ i% a%ked #om c"a,&e#. /e& &"e %e9'e$ce i$ ("ic" yo' (ill a&&em,& yo'# exam. Al(ay% %&a#& (i&" yo'# be%& a$d e$d (i&" yo'# (o#%&. !"i% (ill "el, yo' %ec'#e good ma#k% i$ yo'# be%& a$%(e#%. O$ce yo' "a+e %e& yo'# %e9'e$ce &"e$ %&a#& #ami$g yo'# a$%(e#% &o &"e 9'e%&io$% yo' (ill be a&&em,&i$g i$i&ially. 62 I& %ome&ime "a,,e$% &"a& yo' a#e $o& able &o a&&em,& o$e %'b,a#& o 9'e%&io$ i$ &"a& ca%e lea+e a,,#o,#ia&e %,ace o# &"a& a$%(e# a$d &#y &o a&&em,& yo'# $ex& be%&. A&&em,& &"e 9'e%&io$ yo' le& o# a$%(e#i$g a& la%&. 542 !ime a$ageme$& i% +e#y im,o#&a$&: 1/ mn')e" o* 1// M%*@" .e.1. mn')e? m%*@" o' %"o'ld $o& allo& mo#e &ime &o o$e %i$gle 9'e%&io$ a% i& i% #ig"&ly %aid &"a& – 6 %4e*%8e %n"0e*" 022 e)!# o' mo*e m%*@" )#%n 9 8oo(. /o i yo' a#e $o& able &o com,le&e &"e a$%(e# do$*& %&ick &o i&- lea+e i& a$d go o# &"e $ex& 9'e%&io$.
JJJJJJJJ ALL THE ;EST JJJJJJJJ
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